PowerBank Announces Federal Investment Tax Credit Eligibility

PowerBank Corporation (NASDAQ:PBK) disclosed that it has secured eligibility for the federal Investment Tax Credit (Section 48E) for a portfolio of 23 solar and energy‑storage projects located in New York and Pennsylvania. The eligibility stems from the company’s completion of two equipment‑procurement milestones.

The combined projects represent approximately 97 MW DC of solar capacity and 42 MWh of energy‑storage capacity, which the company estimates will be sufficient to power roughly 11,000 homes. The total construction value of the projects, based on the equipment procurement agreements, is $242.3 million.

Tax Credit Valuation

The Investment Tax Credits associated with the projects are estimated at $94.7 million, reflecting the 30 % credit rate applicable to qualifying commercial solar installations. The credit valuation is split as follows:

  • December 2025 milestone: Procurement agreements for 15 projects in New York covering about 67 MW DC solar and 11 MWh storage, with a construction value of $168 million and an estimated tax credit of $65 million.
  • Subsequent milestone: Procurement of transformers and major equipment for 8 projects across New York and Pennsylvania, representing roughly 30 MW DC solar and 31 MWh storage, with a construction value of $74.3 million and an estimated tax credit of $29.7 million.

Legislative Context

The eligibility is governed by the One Big Beautiful Bill Act, signed into law on July 4, 2025, which outlines the phase‑out schedule for the Section 48E Investment Tax Credit. Projects that commence construction on or before July 4, 2026 remain eligible for the credit, ensuring the current portfolio qualifies.

Operational Outlook

PowerBank retains the option to remain the owner‑operator of some or all projects as an Independent Power Producer. Commercial operation of the projects is projected to occur over the next several years, contingent upon the receipt of required permits and financing.

Market Reaction

Following the announcement, PowerBank shares surged 15.4 % in pre‑market trading on Thursday, indicating a strong positive market response to the tax‑credit eligibility news.